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Club Penguin, a popular Web site for the preteen set, has been acquired by The Walt Disney Co. in a deal that could be worth $700 million. Disney will pay $350 million upfront and an additional $350 million by 2009, if the site, which has 700,000 paid subscribers, reaches certain sales benchmarks.

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Club Penguin, a popular Web site for the preteen set, has been acquired by The Walt Disney Co. in a deal that could be worth $700 million. Disney will pay $350 million upfront and an additional $350 million by 2009, if the site, which has 700,000 paid subscribers, reaches certain sales benchmarks.